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Bilateral Contract for Dummies

noun


What does Bilateral Contract really mean?

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Alright, so a "bilateral contract" is a fancy term that basically means an agreement between two parties. Let's break it down. "Bi-" means two, and "-lateral" means sides. So, a bilateral contract is an agreement where both sides make a promise to do something. It's like a two-way street, where each person agrees to do something in exchange for something else.

For example, let's say you agree to mow your neighbor's lawn for $20, and your neighbor promises to pay you the $20. This is a bilateral contract because both of you are promising to do something for the other person. It's like a give-and-take situation.

Bilateral contracts are different from unilateral contracts, where only one party makes a promise. In a unilateral contract, one person makes a promise in exchange for an action from the other person, like offering a reward for finding a lost pet.

So, to sum it up, a bilateral contract is an agreement between two parties where both sides make promises to each other. It's like a handshake where both people agree to do something for each other. Cool, right?

Revised and Fact checked by Jane Smith on 2023-11-15 21:01:32

Bilateral Contract In a sentece

Learn how to use Bilateral Contract inside a sentece

  • When you buy a candy bar from a store for $1, you are entering into a bilateral contract because you are promising to pay the money in exchange for the candy bar.
  • If you hire someone to mow your lawn and agree to pay them $20, that's a bilateral contract because you both have promises to do something - they promise to mow the lawn, and you promise to pay them.
  • When a company agrees to deliver 100 boxes of snacks to a grocery store in exchange for $500, it's a bilateral contract because both sides are making promises to do something.
  • If you promise to walk your neighbor's dog every day in exchange for $50, that's a bilateral contract because both sides have made promises.
  • When you sign a lease to rent an apartment and agree to pay the landlord a certain amount of money each month, that's a bilateral contract because both you and the landlord have made promises to do something.

Bilateral Contract Hypernyms

Words that are more generic than the original word.